Jun. 28, 2012 (China Knowledge) - Agile Property Holdings Ltd<3383>, a Hong Kong-listed developer of large-scale residential projects, announced yesterday that it acquired a 70% stake in mixed-used property project in Xi'an of Shaanxi Province for RMB 560 million, equivalent to an average land cost of RMB 3,722 per square meter.

The company said in a statement that it will jointly develop the project with Qujiang Ronghua Properties. The project, located in the city's Qujiang New District, has a total floor area of 72,697 sq m.

The developer said that the acquisition will help it further strengthen its property business outside Guangdong Province. The company already has two residential projects in Xi'an.

In the first five month of this year, Agile's contractual sales dropped 19% to RMB 10.9 billion with contractual sales area of 1.03 million sq m, down 11% YoY, China Knowledge reported earlier.